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2014 (4) TMI 786 - AT - Income TaxConfirmation of Penalty u/s 272A(2)(k) of the Act – Quarterly statements with details of tax deducted at source not furnished - Held that:- The paramount duty of the assessee is to remit the TDS amount within the statutory time limit - Payment of interest u/s 201(1A) of the Act will not absolve the assessee from penal consequences because interest is compensatory in nature whereas penal provisions are by way of deterrent measure - for escaping from rigors of penalty, the assessee has to satisfy the AO that there was a reasonable cause for the default committed by him - the explanation furnished by the assessee cannot be taken at its face value and appears to be an afterthought - allegation of the department that only because of the survey action, assessee came forward to file the returns assumes importance - since the assessee has failed to offer reasonable explanation in terms of section 273B of the Act, imposition of penalty is justified - the order of the CIT(A) is upheld for the penalty imposed u/s 272A(2)(k) – Decided against Assessee.
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